Please be advised, that the data used in this news release was based on an older vintage than the one published on Eurostat’s website on 05/10/2023. In view of this, users are advised to use Eurostat’s figures until our next news release. Furthermore, a revised time series going back to the year 2019 will be published in December 2023.
Provisional figures for Malta’s external transactions show that during April-June 2023, the current account balance recorded a deficit of €3.8 million, compared to a deficit of €275.2 million in the same quarter of the previous year. This deficit was primarily the result of negative net balances in the goods account (€707.2 million), primary income account (€669.6 million) and secondary income account (€22.9 million). This was partly offset by a positive balance recorded in the services account (€1,395.9 million).
During the second quarter of 2023, the capital account registered a positive net balance of €48.1 million, which represents a decrease of €12.6 million when compared to the second quarter of 2022.
The financial account was shaped by net asset increases of €882.5 million, an increase in the balance of net assets of €1,290.8 million when compared to the value recorded in the same quarter of 2022. The development in the financial account balance was mainly brought about by positive net asset balances in other investment (€1,733.7 million) and portfolio investment (€407.2 million). This was partly offset by negative net asset balances in direct investment (€1,294.5 million) and financial derivatives (€19.5 million). Reserve assets increased by €55.6 million during the same period (Table 1).
Chart 1. Current account balance
Methodological Notes
1. The National Statistics Office (NSO), with the cooperation of the Central Bank of Malta (CBM), is responsible for the collection, compilation and presentation of both the Balance of Payments (BOP) as well as the International Investment Position (IIP) statements of Malta. Both statements are compiled in accordance with the international guidelines set in the sixth manual of the International Monetary Fund (IMF) as well as with the similarly-set methodological guidelines established by Eurostat.
2. Different data sources have been used in the compilation of the figures presented in this release. The main sources used include: (a) enterprise transactions data collected by the Commissioner for Revenue, which are then complemented with survey data; (b) customs data and INTRASTAT declarations, which are used as a source for merchandise transactions; (c) TOURSTAT and other administrative sources are used to compile data for the travel account; and (d) data published by the Bank for International Settlements, which advanced efforts to capture data on the household sector. These sources cover transactions relating to the current account, the capital account and the financial account.
3. The majority of the transactions that are collected through the above-mentioned sources are broken down by country. The data are subsequently compiled using a standard format and published at a quarterly frequency.
4. The data in this news release do not necessarily correspond to the latest published National Accounts data for the same reference period. This is due to different cut-off dates for the two sets of data.
5. Revisions are conducted on a quarterly basis with the previous data remaining subject to revision.
6. The reported quarterly figure for re-invested earnings (a component of both the income account and the direct investment account) is partly collated annually. Where actual figures are not available, an average of the re-invested earnings quoted for the previous four years is apportioned on a quarterly basis. This figure is then revised once the actual questionnaires are submitted by the surveyed entities.
7. Shipment data (freight and insurance) are measured from the c.i.f. INTRASTAT import data, while data for the travel account are collected from TOURSTAT and other administrative sources.
8. Adjustments for exports and imports of goods are made for BOP and National Accounts purposes, since merchandise trade data include imports and exports of oil made by non-resident companies having a Maltese VAT number. These are not considered as BOP transactions. Consequently, such imports and exports are being subtracted from the totals. Where necessary, oil imports by Maltese resident companies are imputed.
9. Figures are not seasonally adjusted.
10. Figures may not add up due to rounding.
11. Any reference to the EU in tables 3 and 4 refers to the formation excluding UK.
12. More information relating to this news release may be accessed at:
13. References to this news release are to be cited appropriately.
14. Statistics in this news release should be interpreted in context to the unprecedented developments related to COVID-19.
15. A detailed news release calendar is available online.
Please be advised, that the data used in this news release was based on an older vintage than the one published on Eurostat’s website on 05/10/2023. In view of this, users are advised to use Eurostat’s figures until our next news release. Furthermore, a revised time series going back to the year 2019 will be published in December 2023.
- Provisional figures for Malta’s external transactions show that during April-June 2023, the current account balance registered a deficit of €3.8 million as compared to a deficit of €275.2 million a year earlier.
- This deficit was primarily driven by negative balances in the goods account (€707.2 million) and primary income account (€669.6 million).
- The financial account balance was shaped by net asset increases of €882.5 million. The increase was mainly brought about by developments in other investment (€1,733.7 million) and portfolio investment (€407.2 million).
